Importance of Management
1. Management helps in achieving Group Goals: Management integrates the resources and directs group towards achievement of pre determined goals. By defining the objectives of the organisation clearly and allocating the resources, it ensures to attain the goal.
2. Establishes sound Organisation: To establish sound organisation structure the authority and responsibility relationship should be defined clearly. Management helps to fill positions with right persons at right job.
3. Encourages innovation: Management encourages the innovation in the organisation. Innovation brings new ideas, new technology, new methods, new products, new services etc. This makes the organisation to face the competitive world.
4. Management facilitates growth and expansion: Management reduces waste and increase efficiency and helps to utilize the available resources to the maximum. It motivates the employees and reduce absenteeism and helps for the growth of the organisation.
5. Improves life of workers: Management helps the workers to works in a good environment. Management share some of the profit to workers. Workers may get financial and non financial incentives which helps to improve their efficiency.
6. Management helps in the development of the society: Efficient management improves the economic condition of the employee by paying good remuneration and incentives. It improves the standard of living of the employee and helps to develop the society.
7. Increase Efficiency: Efficiency is the relationship between returns and cost, management uses many techniques to increase the return and reduce the cost. Increasing the efficiency brings many benefits to the organisation.
8. Optimum use of resources: Management brings together the resources such as men, material, machinery and money in organisation. Management plan to utilize the resources without any wastage and increase the profit of the organisation.
9. Encourages teamwork: Employees work are integrated together and encourage to work as a team. Management develops the team spirit in the organisation. Unity of the employees on working together as team brings success to the organisation.